Key Notes
- ZachXBT named Crédit Mutuel Arkéa as the alleged victim of a theft exceeding $133 million.
- He said the attack lasted several days and the total could rise when OTC activity is included.
- The bank has yet to publicly confirm the incident.
Blockchain investigator ZachXBT has named French banking group Crédit Mutuel Arkéa as the suspected victim of a crypto theft he estimates at more than $133 million, connecting a previously unnamed European institution to withdrawals traced across several exchanges.
In a November 4 Telegram update, he alleged that the attack had continued over multiple days and said the eventual loss could be larger once over-the-counter activity was included. He provided no revised total for those transactions.
The bank has yet to publicly confirm the allegation. The Block reported that Arkéa had not responded to its request for comment. The identity of the affected institution and the full amount lost remain based on ZachXBT’s investigation.
How the Loss Estimate Grew
ZachXBT first flagged suspicious exchange withdrawals on November 2, describing more than $106 million in USDC and USDT taken from an unidentified EU entity’s accounts the previous day. He said the suspected attacker was swapping stablecoins into ether, using instant exchanges and moving funds between blockchains.
On November 3, he raised the estimate above $133 million after identifying another $27 million in withdrawals. Some of those transfers followed his initial disclosure. His latest post names the institution he believes was affected while leaving the entry point and any customer exposure unspecified.
What the Transaction Records Show
In a separate transaction analysis, Bitquery traced $108.8 million in USDC leaving accounts at Kraken, Crypto.com and OKX for 15 wallets over 21 hours on November 1 and 2. Eleven receiving wallets had been paid by those exchanges before, a pattern the firm said suggested the attacker also controlled previously used wallet keys.
Bitquery’s review covered Ethereum and selected exchange wallets. Its total therefore has a narrower scope than ZachXBT’s estimate. The firm said it could not independently identify the victim from the addresses it examined.
Bitquery also tracked stablecoin conversions and transfers through bridges and swap services. Such records can show where assets moved, but identifying the owner of an exchange account requires information held by the platform. That distinction is particularly relevant now that a named bank has entered the public account of the incident.
Exchanges Have Restricted Accounts
Kraken told Cointelegraph it had restricted accounts while investigating the suspected theft and was working with law enforcement. Crypto.com said it had taken steps to block funds associated with the incident, while OKX said it was reviewing the matter.
Arkéa is a cooperative banking and insurance group whose businesses include the Crédit Mutuel de Bretagne and Crédit Mutuel du Sud-Ouest networks, Fortuneo and Suravenir. Its half-year financial release reported €211.5 billion in total assets and more than 5.8 million members and customers.
A statement from the bank would be needed to establish which legal entity or accounts were affected, whether the funds belonged to the group or its clients, and the financial impact after any freezes or recoveries.
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